True Corporation has roared back into the black after a major corporate shake-up, posting its best performance in six years thanks to solid growth in its mobile phone division.
A net profit of 1.4 billion baht last year marked a stunning turnaround from a net loss of 9 billion in 2013.
True posted consolidated service revenue of 109 billion baht, up 10% year-on-year, helped by strong sales of its own brand handset that generated 20 billion baht last year.
Earnings before interest, taxes, depreciation and amortisation were 20 billion baht in 2014, up 34% from 15 billion the year before.
True chief financial officer Noppadol Dej-Udom said the stellar performance was indicative of all the group's units, particularly fourth-quarter profit in the mobile business, which was driven by strong growth of its 3G and 4G subscriber base.
True Move, the mobile phone arm of True Corporation, posted record profit of 1 billion baht in the fourth quarter of 2014, helping it record a full-year loss of 970 million baht.
"The reversal in fortunes came from a productivity enhancement drive that also reduced costs," said Mr Noppadol. "We were also completely focused on the convergence strategy."
He said True's financial position was significantly stronger because of a series of refinancing and cost-cutting programmes.
As of December 2014, True had 42 billion baht in debt, compared with 87 billion a year earlier.
True expects to sell a second batch of assets to its telecommunications infrastructure fund within the next two weeks, said Mr Noppadol, after the fund's shareholders approved the asset sale on Friday.
The assets to be sold for 12-14 billion baht by True subsidiary Asia Wireless Communication include 8,000 kilometres of fibre-optic cable and 350 telecom towers.